Gold Remains Rangebound
Source: Seeking Alpha, GoldCore (8/17/09)
". . .gold still remains within a frustrating range of $925/oz to $972/oz."
Gold has taken a hit since last Friday and is currently trading at $932.50/oz as it continues to take its lead from dollar movements and external issues. Overall, gold still remains within a frustrating range of $925/oz to $972/oz. Participants are viewing this recent fall as an opportunity to go long as prices drop closer towards the bottom end of the range. In other news Japan has followed both France and Germany out of recession with a higher than expected GDP figure. European and US stock markets have opened lower following a sharply lower close from Asia this morning.
Silver is currently trading at $13.97/oz and has broken down through recent support at $14.12/oz. Next support level is at $13.80/oz.
Platinum Group Metals
PGM supply continues to loom due to threatened strikes from ongoing wage negations in South Africa. Currently, platinum is trading at $1,227/oz, and rhodium at $1,700/oz.